Co-Located Senior Housing, Libraries Open with Nearly Full Occupancy

Co-Located Senior Housing, Libraries Open with Nearly Full Occupancy

in Local News Roundup

Co-Located Senior Housing, Libraries Open with Nearly Full Occupancy

In the Independence Park neighborhood on Chicago’s Northwest Side, an ambitious mixed-use development including senior apartments officially opened on Sept. 23.

The library/apartments concept is an example of the growing trend of incorporating senior housing as a component of mixed-use real estate development. Large-scale changes in the economy are leading to new models of mixed-use development, with health care starting to anchor these sites more than in the past — a trend that could present significant opportunities for senior living in the years to come.

The Independence Apartments includes 44 affordable senior apartments along with 14 affordable multifamily rentals and 30 units allotted for Chicago Housing Authority tenants, and sits atop a new Chicago Public Library branch, Evergreen Real Estate President David Block told Senior Housing News. Chicago-based Evergreen specializes in developing and managing affordable senior apartments……

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